Wagon R Price, Mileage And Final Price
Wagon R Price Checker
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Price Table (With OD Premium)
Price Table (Without OD Premium)
What Is Od Premium
OD premium, also known as Own Damage premium, is a component of car insurance that covers damages to your own vehicle due to various factors such as accidents, theft, fire, vandalism, and natural disasters. It is a separate premium amount from the Third-Party Liability premium, which covers damages and liabilities to third parties involved in an accident.
What Is Tp Premium
TP premium, also known as Third-Party premium, is a component of car insurance that covers the liability for damages or injuries caused to third parties involved in an accident. It is a mandatory requirement in most countries to have Third-Party Liability coverage as a basic form of car insurance.
Do You Need Both The Insurance
The mandatory requirement under the Motor Vehicles Act, 1988 is to have Third-Party (TP) insurance coverage. TP insurance covers the liability for damages or injuries caused to third parties involved in an accident.
While TP insurance is mandatory, the decision to opt for OD insurance is left to the vehicle owner's discretion. OD insurance provides coverage for damages to your own vehicle due to accidents, theft, fire, and other covered events. It is highly recommended to have OD insurance as it provides financial protection for your vehicle.
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